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題名：董事會特性暨會計師產業專精於權益資金成本之研究
書刊名：會計審計論叢
作者：鄭宏哲／蘇淑慧 引用關係／呂倩如
作者(外文)：Zheng, Hong-zhe／Sue, Shu-hui／Lu, Chien-ju
出版日期：2013
卷期：3:2
頁次：頁27-59
主題關鍵詞：董事會獨立性；專業性；參與度；權益資金成本；Board independence；Expertise；Attendance；Cost of equity capital
原始連結：連回原系統網址new window
相關次數：
  • 被引用次數被引用次數:期刊(7) 博士論文(0) 專書(0) 專書論文(0)
  • 排除自我引用排除自我引用:7
  • 共同引用共同引用:293
  • 點閱點閱:25
董事會的多樣性及運作模式，決定了董事會能否發揮其功能，並影響外部投資人所承受之投資風險，以及所要求之風險溢酬。本研究以 2006年至 2010年之臺灣上市櫃(含興櫃)公司資料，探討董事會特性與企業權益資金成本之關聯性。本研究並進一步探討，當公司聘請具有產業專精之會計師時是否會影響上述之關聯性。實證結果發現，具有較高獨立性之董事會、具備會計專業及較高參與度之董監事，其企業之權益資金成本相對較低，亦即外部投資人承擔較低之投資風險。另外，相較於非產業專精會計師之企業，聘請產業專精會計師之企業，董事會的獨立性及具有專業會計背景之董監事皆與企業權益資金成本呈顯著負向關係。再者，董監事只要夠勤奮，即使企業並未聘請產業專精會計師，仍可自力有效的減低企業的權益資金成本。而非會計之董監事財務專業背景與權益資金成本間則無明顯的影響。
This study examines whether three board characteristics (independence, attendance, and expertise) are associated with corporation cost of equity capital (COEC). This study further investigates whether auditor expertise affects the relation between board characteristics and corporation cost of equity capital. The empirical results indicate that board independence and board with accounting expertise are negatively associated with COEC and that the above relation is more pronounced for firms with specialist auditors than non-specialist auditors. In addition, further analyses show that more attendance board has lower COEC both for firms with or without specialist auditors.
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會議論文
1.陳瑞斌、許崇源(2005)。公司治理與權益資金成本之關聯性研究。第三屆管理思維與實務學術研討會，20-55。  延伸查詢new window
2.林秀鳳、趙秉睿(2009)。董事會財會專家與盈餘品質之關聯。2009 會計理論與實務研討會。  延伸查詢new window
3.陳宜伶、林宛瑩、許崇源(2010)。董事會之獨立、專業、參與對企業績效之影響。2010會計理論與實務研討會，2613-2650。  延伸查詢new window
研究報告
1.Chen, K. C. W.、Chen, Z. H.、Wei, J. K. C.(20030803)。Disclosure, Corporate Governance, and the Cost of Equity Capital: Evidence from Asia's Emerging Markets。  new window
圖書
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2.Organization for Economic Co-operation and Development(2010)。Corporate Governance and the Financial Crisis: Conclusions and Emerging Good Practices to Enhance Implementation of the Principles。Paris：OECD。  new window
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圖書論文
1.Foster, J.(200306)。The FASB and the capital markets。The FASB Report。CT：FASB。  new window
 
 
 
 
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